03 May '11, 12am

Four Ridiculous Subsidies for Big Oil That Should Get the Boot : TreeHugger via @TreeHugger

Domestic manufacturing tax deduction: This is the largest single tax break, and would save over $1.7 billion a year if eliminated. The tax deduction, passed in 2004, is designed to keep factories in the United States. Companies that manufacture here can deduct 9% of their income from operations that are attributed to domestic production. [Where else are they going to domestically produce oil? This deduction was designed for other industries, and Big Oil exploits it] The percentage depletion allowance: This lets oil companies deduct about 15% of the money generated from a well from its taxes. Eliminating it would save about $1 billion a year ... critics say oil in the ground is not capital equipment, but a national resource that the oil companies are simply using for their own profit. [And they're right -- companies shouldn't be able to stake ownership of natural resources,...

Full article: http://www.treehugger.com/files/2011/05/four-ridiculous-s...

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